a) Prepare an income statement 31st August 2021

b) Prepare Statement of financial position as at 31st August 2021

QUESTION 3 Below are the balances extracted from the general ledger of Salur Sdn. Bhd as at 31 August 2021. RM Purchases 60,000 Sales 156,500 Return inwards 2,000 Return outwards 4,500 Carriage costs 18.000 Repairs 3,500 Motor vehicles (Cost) 650,000 Plant and machinery (Cost) 840,200 Equipment (Cost) 10,000 Cash 60,000 Bank overdraft 3,500 Fixtures and fittings (Cost) 20.800 Wages and salaries 8,000 Discount allowed 2,000 Discount received 2,000 Commissions received 6.500 Accounts receivables 50,000 Accounts payables 35,000 Inventory 1 September 2020 22.000 Inventory 31 August 2021 33.000 Withdrawals 3,100 Capital 1.541.600 Additional notes: 1) Depreciation charges based on fixed installment method as below: Motor Vehicle 10% annually Plant and machinery 15% annually Equipment 10% annually Fixtures and fittings 20% annually in) Wages and salaries outstanding, at the end of the year was RM1,300. iii) Commission received in advance was RM500. iv) Prepaid repairing cost was RM700. Continued..... PA064 ESSENTIALS OF FINANCIAL ACCOUNTING 22 SEPTEMBER 2001 v) RM1,200 was written off as bad debts. vi) The business applies RM976 of provision for bad debts. vii) Carriage inwards for the business is charged at RM8,000